TORONTO: The Board of Directors of Sentry Select Primary Metals Corp. (the Corporation”) is pleased to announce that at a special meeting held today, shareholders of the Corporation approved the mandatory market purchase program (the “Program”).
Mandatory market purchase program: Under the Program, the Corporation is obligated to purchase any shares offered in the market at the prevailing market price, if shares are offered at prices that are less than 95% of the latest determined net asset value (“NAV”) per share. The purchases are subject to a maximum amount in any three-month period of 1.25% of the number of shares outstanding at the beginning of such period.
The manager believes that the Program will be effective in decreasing potential spread between the NAV per share and the market price of the shares and will enhance the liquidity of the shares. Purchases of shares for cancellation at less than NAV per share should also have the effect of increasing the NAV per share.
Trading information: The Class A Shares and the Warrants trade on the Toronto Stock Exchange (“TSX”) under the symbols PME and PME.WT, respectively.
Sentry Select Primary Metals Corp.: The Corporation’s investment objective is to provide shareholders with long-term capital appreciation by investing in an actively managed portfolio consisting primarily of securities of mining and exploration issuers. Although the Corporation’s initial intended focus was to invest in issuers that are engaged in the production of and/or exploration for uranium, nickel and molybdenum, the manager has the discretion to alter the composition of the actively managed portfolio at any time.
The Manager: Sentry Select Capital Corp., (“Sentry Select”) the manager of the Corporation, is a Canadian wealth management company that manages approximately $8 billion in gross assets as of December 31, 2007. The company offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes and flow-through limited partnerships, covering a variety of domestic and global mandates. Sentry Select is the manager and/or advisor to 29 TSX-listed reporting issuers. In addition, Sentry Select manages and/or provides advisory services to four reporting issuers listed on the TSX Venture Exchange.
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This news release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the future performance of the Corporation, including the potential for purchases pursuant to the mandatory market purchase program. These statements reflect the Corporation’s and Sentry Select’s current expectations, but are subject to a number of risks and uncertainties. Due to the many risks and uncertainties, the Corporation and Sentry Select cannot assure that the forward-looking statements contained in this news release will be realized.
Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (www.sedar.com).